Bitcoin Price: Top Analyst Expects Surge To $71K, Slashes Mt. Gox Selloff Concerns

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As an experienced financial analyst, I closely monitor the cryptocurrency market trends and have been following Capo of Crypto’s insights with great interest. Based on his latest analysis, Bitcoin’s primary support zone remains at $67,000, and demand is being added to this level. If this level holds, a potential surge to $71,000 could occur, breaking the resistance at $69,000.

As a researcher studying the cryptocurrency market, I’ve noticed that Bitcoin (BTC) has been experiencing a downtrend recently. In my latest analysis, Capo of Crypto, a reputable crypto analyst, provided valuable insights into the current market situation regarding Bitcoin on X. Surprisingly optimistic, Capo anticipates a significant surge in Bitcoin’s price to reach $71,000, despite the ongoing bearish sentiment surrounding the potential BTC selloff from Mt. Gox.

Will BTC Rally To $71,000?

Based on Capo’s analysis, the major support level for Bitcoin lies at $67,000. He pointed out that there’s growing demand in this region, which could cause it to hold firm and pave the way for further gains (the preferred scenario). Nonetheless, if this support weakens, investors should keep an eye on the $65,000 level as a potential alternative.

As a crypto investor, I’m excited about Capo’s chart projection suggesting a possible surge in Bitcoin’s price up to $71,000 if the $67,000 support holds firm and we manage to break the resistance at $69,000. However, it’s important to acknowledge potential concerns raised by some in our community regarding recent Bitcoin price movements that have been linked to the defunct exchange Mt. Gox. Capo also addressed these concerns in the post.

I clarified that the transactions, amounting to around 43,000 BTC or roughly $3 billion, were made for preparing the repayments rather than for immediate user refunds. The complete repayment procedure will only be completed by October 2024, so there’s no cause for concern at this moment.

Based on the data from Arkham Intelligence, I’ve identified three transactions where approximately 32.87k BTC was moved from the mentioned Bitcoin reserve. These transactions occurred within a short timeframe. However, according to Capo’s analysis, market concerns should be minimal.

From my perspective as a crypto investor, I share Michaël van de Poppe’s view on the current market situation. The recent rejection of Bitcoin at $70K means we haven’t seen a breakout yet. Ideally, I’d like to see $66K holding up as support before considering the market stable again. Van de Poppe referred to this market phase as “quite boring,” indicating a lack of significant price movements or developments.

Bitcoin Price Today

In the course of his examination, Ali Martinez pointed out a possible short-term recovery. He brought up that the TD Sequential indicator signaled a buy opportunity on Bitcoin’s hourly chart. Consequently, the analyst is “looking forward to a potential one to four candlesticks bounce back for BTC!”

As a cryptocurrency investor, I’m excited about the positive momentum in the market. This optimism is further reinforced by the introduction of Bitcoin Exchange-Traded Products (ETPs) on the London Stock Exchange. Personally, I believe these investment vehicles will generate renewed enthusiasm and increase liquidity within the Bitcoin market.

At present, the Bitcoin price had decreased by 0.65%, or $239.23, to reach $68,032.57 on May 28, Tuesday. Conversely, the Bitcoin trading volume experienced a significant surge of 61.70% in the last 24 hours, amounting to an impressive $30.30 billion. Notably, Bitcoin’s market capitalization stood robustly high at a staggering $1.34 trillion.

Although the buy and sell orders for Bitcoin’s long and short positions balanced out, indicating a flat trend, the larger $21.6 million worth of long liquidations reported by Coinglass suggest a potential decline in Bitcoin’s price. Consequently, it seems Bitcoin will experience a drop in value.

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2024-05-28 12:24